HI6028 Taxation Law Methods and Implementation Planning Management

HI6028 Taxation Law Methods and Implementation Planning Management

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HI6028 Taxation Law

Question:

Purpose:

This assignment is designed to assess your level of knowledge of the key topics covered in this unit

Learning Outcomes

1. Demonstrate an understanding of the Australian income tax system, the concepts of income and deductions, CGT, FBT, GST general anti-avoidance provisions and income tax administration;

2. Identify and critically analyse taxation issues;

3. Interpret the relevant taxation legislations and case law;

4. Apply taxation principles to real life problems. 

Description:

Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to

answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks to inclusive and submit these answers in a single document.

1. Mason is a car painter with Melbourne Collision Repair Centre. Mason studying BPA and his employer pays for his course fees at Holmes Institute costing Mason $12,000. Also, Mason lives in a unit apartment in Brisbane, which is provided to him by Melbourne Collision Repair Centre as his employer as fringe benefit. The market value rent for the apartment is per week, and Mason pays of rent per week for the apartment.

Required:

Advise the FBT consequences of Mason’s remuneration package.

2. Alex is a carpenter who purchased a vacant block of land in Sydney, Alex built a house on the land. At the time, the land was valued at and the cost of construction was. Immediately, after the construction finished, the property has been rented out, Alex sold the property at auction for.

Required:

With reference to relevant legislation/case law, determine:

a) Alex’s net capital gain or net capital loss for the year ended 30 June 2019 using both Discount method and Indexation method.

b) How would your answer to a) differ if the owner of the property was a company instead of Alex?

3. Bowens Pty Ltd is a building materials supplier in Victoria. Bowens Pty Ltd has an annual turnover of million, and works under the accrual method of accounting. Bowens Pty Ltd purchases concrete mixer for each from Builder’s Choice Pty Ltd, a company in Geelong with an annual turnover of around million, and works under the accrual method of accounting. Bowens Pty Ltd plans to sell the concrete mixers at a mark-up to its customers. In October last year it purchased concrete mixers but in December they discovered that 12 of the concrete mixers were faulty and subsequently returned these faulty concrete mixers to the manufacturer, obtaining a full refund. Assume both apply

the accrual method of accounting.

Required:

With reference to relevant laws, discuss the GST consequences of this arrangement for both Bowens Pty Ltd and Builder’s Choice Pty Ltd.

4. Due to COVID-19 impact, Watson Co becomes insolvent and placed into voluntary liquidation by its directors. Dissolve liquidators have been appointed as the company liquidators. On the winding up of the Watson Co, Dissolve liquidators have started distributions and Paul as ex-shareholder of Watson Co received $7,200 from the liquidators, which was inclusive of $3,000 unfranked dividend pursuant to the provision of Income Tax Assessment Act 1963, section 47(1). This distribution to Paul was from his $4,000 investment in the shares of Watson Co on.

Required:

With reference to relevant provisions of ITAA and ITAA , critically analyze the tax consequences of the above scenario for Paul.

5. Steve and his cousin Alex started an equal partnership business, Euca Sanitizers, motivated by the increase in the recent demand for hand sanitizers during the COVID-19 pandemic. Steve lives in Sydney and is an Australian resident for tax purposes. Alex however, is resident of New Zealand and is a foreign resident for tax purposes in Australia, Euca Sanitizers partnership net income is, of this income is generated from selling hand sanitizers to Australian retailers and  comes outside Australia from sale of hand sanitizers to New Zealand retailers.

Required:

With reference to relevant provisions of ITAA 97/ITAA, discuss how the partnership income is taxed.

HI6028 Taxation Law

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